Petrol price cut by Rs. 2 per litre

NEW DELHI, March 15 (agencies): With international gasoline (petrol) prices softening by more than $3 a barrel in the last fortnight, state-owned oil marketing firms (OMCs) cut the price of petrol by Rs. 2 per litre, effective from midnight.

As per Petroleum Ministry data, the Singapore benchmark FOB (freight on board) price of petrol fell to $120.43 a barrel on March 13 from $123.54 a barrel on March 1.

After the revision, the fuel will cost Rs. 68.34 per litre in Delhi, Rs. 75.14 per litre in Mumbai, Rs. 71.41 per litre in Chennai, Rs. 75.84 per litre in Kolkata, Rs. 74.59 per litre in Hyderabad and Rs. 75.26 per litre in Bangalore, according to an Indian Oil press release.

The oil firms also took into account the rupee-dollar parity before deciding on the price cut for petrol. The Indian currency has gained marginally at Rs.54.44 on March 14 from Rs.54.48 on March 1 against the US dollar, according to data from the Reserve Bank of India.